The AllTrials campaign had a big win recently when a group of 85 asset managers and pension funds said that they would request that the pharmaceutical companies they invest in declare their clinical trial data.

This campaign calls for all past and present clinical trials to be registered and their full methods and summary results reported.

BNP Paribas Investment Partners worked with AllTrials to bring together the group which includes RobecoSAM, Aviva Investors, Boston Commons Asset Management, 65 UK local authority pension funds and the investment arm of the Wellcome Trust. AllTrials held a series of workshops with investors in Europe and the US over the last 6 months to develop the practical steps they are today writing to companies to ask them to take. These steps include:

  • Retrospectively registering past and ongoing clinical trials, and registering all future trials before they begin
  • Publishing the methods and full results of all trials, including information on adverse events
  • Posting an objective summary of results within one year of completion of the trial, following the guidelines on
  • Supporting efforts to provide independent researchers access to anonymised individual patient data

The Wall Street Journal reported that this “move comes amid growing clamour from academics and consumer groups to press drug and device makers to release trial data. At issue is the ability for researchers to independently verify study results and, consequently, improve patient treatments that can lead to better health and lower costs. Concerns have been heightened following various safety scandals that revealed trial data for some products was never fully published or disclosed.”

Dr Ben Goldacre, author of Bad Pharma and co-founder of the AllTrials campaign said “This is a game changer. It sends a clear message to CEO’s, boards, and other shareholders: they need to recognise that medicine and society have changed. Companies cannot expect any longer to routinely withhold the results of clinical trials on treatments taken by millions of people around the world. Pharma is increasingly split, with many showing leadership on transparency, and some stuck in the past.”

Helena Viñes Fiestas, Head of Sustainability Research, BNP Paribas Investment Partners: “Alongside doctors and their patients, investors also risk being misled, given that an average of around 30% of pharmaceutical company valuations directly relates to the results of Phase III clinical trials.  With company valuations and expected revenue streams a key component of the stock selection process, it is essential that companies publish complete and accurate information on trial results so that investment decisions can be fully informed.”

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